Ask Question
BusinessBusiness
13 May, 02:46

Which savings account will earn you the least money?

One that earns simple interest daily.

One that compounds interest daily.

One that earns simple interest monthly.

One that compounds interest monthly

+1
Answers (1)
  1. 13 May, 05:29
    0
    C. One that earns simple interest monthly.

    Explanation:

    The savings account produces interest revenues. It can produce either simple interest or compounding interest. Among those, compounding interest rates generate more interest than simple interest. Therefore, simple interest can generate low interest. Therefore, options B and D are incorrect.

    Option A is incorrect also because if we get daily interest from the savings account, it will create more revenues. On the other hand, as we get monthly interest, we will receive a one-time payment. Therefore, Option C is correct, and it pays the least money.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which savings account will earn you the least money? One that earns simple interest daily. One that compounds interest daily. One that ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Which answer best describes an unsubsidized federal loan? A) You are responsible for paying all the interest that accumulates on your loan. B) You are only responsible for the cost of the loan.
Answers (1)
Consider a firm with an EBIT of $500,000. The firm finances its assets with $2,000,000 debt (costing 6 percent) and 50,000 shares of stock selling at $20.00 per share.
Answers (1)
Caroline pays 15% taxes on dividends and capital gains and 35% taxes on ordinary income. Three years ago, she purchased 100 shares of XYZ, Inc. for $70.
Answers (1)
What is a line of credit and how does it work?
Answers (1)
Hudson Co. is currently producing 1,000 units of a necessary component part by incurring $54,400 in direct materials, $24,000 in direct labor, $14,400 in variable overhead, and $16,000 in fixed overhead.
Answers (1)
New Questions in Business
During the year, a firm purchased $256,900 of merchandise and paid freight charges of $36,870. If the total purchases returns and allowances were $13,690 and purchase discounts were $9,160 for the year, what is the net delivered cost of purchases?
Answers (1)
On average, companies that create plans have larger profits and grow much faster than companies that don't. true false
Answers (1)
A strictly dominant action produces: a higher payoff than any other action the player can use for every possible action of the other players. a lower payoff than any other action the player can use for every possible combination of the other players.
Answers (1)
The Financial Accounting Foundation A. works with the Financial Accounting Standards Advisory Council to provide information to interested parties on financial reporting issues. B. oversees the operations of the AICPA. C.
Answers (1)
The plaintiff in a criminal case is the government/district attorney. True False
Answers (1)
Home » Business » Which savings account will earn you the least money? One that earns simple interest daily. One that compounds interest daily. One that earns simple interest monthly. One that compounds interest monthly
Sign Up Forgot Password?